The meal-delivery startup lowered the price of its initial public offering to about $10 per share on Wednesday afternoon, a sharp drop from the $15 to $17 range the company had disclosed last week.

Blue Apron decreased the estimate after investors expressed concern about the company's lack of profitability, as well as the specter of competition from Amazon, according to Reuters. Amazon has a meal-kit service that delivers to customers in several U.S. cities, but its $13.7 billion acquisition of Whole Foods brings the e-commerce giant into brick-and-mortar stores and gives it a new avenue for food delivery.

"Amazon's deal for Whole Foods earlier this month added to concerns, but Blue Apron's high marketing costs were a negative factor," Kathleen Smith, principal of Renaissance Capital LLC, a manager of IPO-focused exchange-traded funds, told Reuters. "Snap Inc.'s IPO earlier this year has shown investors that growth at all costs is a mistake."

Blue Apron's share price isn't the only casualty of the Amazon-Whole Foods deal. The day the acquisition was announced, the 20 worst-performing food and retail stocks on the S&P 500 saw their collective market cap drop by nearly $40 billion.

Blue Apron's new share price values the company at about $1.9 billion, below the $2 billion valuation it earned in its last private fundraising round two years ago. Blue Apron is the first U.S. meal-kit company to go public and will begin trading on the New York Stock Exchange on Thursday.